By: Nana
Appiah Acquaye
The Pan-African Payment and
Settlement System (PAPSS) is now available to customers of I&M Bank Kenya,
marking another step towards facilitating faster and more efficient
cross-border payments across Africa.
PAPSS Deputy CEO John Bosco Sebabi and I&M Bank Regional CEO Kihara Maina attended the official launch of PAPSS services at I&M Bank Kenya.
The partnership is aimed at
simplifying cross-border payments and supporting greater intra-African trade
and financial integration by enabling customers to make payments across
participating African markets.
With PAPSS now available
through I&M Bank Kenya, businesses and individuals can make cross-border
payments in local currencies, providing an alternative to transactions that
require conversion into international currencies.
PAPSS said the service is
expected to provide customers with faster, secure and more efficient payment
options while creating additional opportunities for trade and commerce across
the continent.
Customers in Kenya can
access the service through I&M Bank branches to send money across Africa in
Kenyan shillings.
The launch adds I&M Bank
Kenya to the growing network of financial institutions participating in PAPSS,
as the continental payment infrastructure continues to expand its reach across
African markets.
